多因素影响下的内部审计设置分析

随着我国社会主义市场经济的建立和发展,内部审计在查错纠弊、规范业务操作、防范风险中发挥了重要作用。内部审计的组织设置是其开展工作的基础,但在市场经济快速发展的进程中,内部审计缺失不在少数。本文通过对管理者理念、机构规模、财务核算的复杂程度、人员流动性、内部控制活动的有效性进行分析,阐述了这些因素对内部审计组织设置的影响,说明在市场经济活动中,提高组织的管理水平、加强内部监督、完善内部控制具有重要意义,最后,讨论了在不同的组织中建立内部审计的方式。     

国际化经营的商务模式创新:宏碁的经验

运用TSV模型和交易成本理论分析了台湾宏碁集团国际化初期的商务模式。研究发现:控制型国际化模式会造成组织成本边际递增;将内部交易外部化为市场交易,可消除代理成本,并能使市场化交易成本边际递减;合作式网络化的非控制型国际化商务模式有可能实现更低的模式成本。     

Trading patterns in the European carbon market: The role of trading intensity and OTC transactions

This paper examines the effect of trading intensity and OTC transactions on expected market conditions in the early development period of the European Carbon futures market. Past duration and trading intensity are used as information related order flow variables in modelling time between transactions in two new specifications of Autocorrelation Conditional Duration (ACD) models. This allows for specific investigation of non-linear asymmetric effects on expected duration and the impact of OTC transactions. Evidence is presented of two main types of trading episodes of increased and decreased trading intensity. Both have a significant impact on price volatility, which increases further if an OTC transaction intrudes. OTC transactions also play a dual role. They slow down trading activity in the short term (over the next five transactions) but increase it substantially in the long term (over ten transactions). Both the liquidity and information price impact components increase following an OTC trade, but the information impact is greater. Price volatility calms down faster than liquidity effects following an OTC trade, and this is more pronounced in ECX and in Phase II. The combined evidence points towards increased market depth, efficiency and maturity of the trading environment.     

上市公司关联交易的披露与审计

上市公司及其控股子公司与关联方之间的交易广泛地存在于上市公司的日常经营活动中,其既有积极作用也有负面影响。关联交易将市场交易转变为公司集团的内部交易,可以节约交易成本,有利于实现公司集团利润的最大化,提高其整体的市场竞争能力;但上市公司出于各种动机,利用关联交易进行利润操纵,使关联交易成为盈余操纵的手段。本文从上市公司关联交易的披露与审计方面存在的问题出发,提出了治理利用关联交易进行盈余操纵的对策。     

财务经营、管理与治理:财务职能的重新解构

企业的性质可从生产或技术的组织、稀少性价值增进与调控的机制、产权联合与团队生产的载体三个层面来认识。在这三个层面上，企业活动实际上是通过不同类型的交易展开的，因而企业应视为一种交易的集约机构。相应地，企业的财务活动也是以买卖的交易、管理的交易、限额的交易而展开的，分别行使具体的财务经营职能、财务管理职能、财务治理职能，并共同地、联合地完成财务的基本职能，即配置企业拥有或控制的财务资源，这种观点可称为一职能说。     

THE MAKE-BUY DECISION AND MANAGING MARKETS: THE CASE OF MANAGEMENT BUY-OUTS

This paper attempts to develop the issue of the internalization of transactions (the make-buy decision). Butler and Carney (1983) have developed the concept of managing markets where under certain conditions transactions will not be internalized. This paper, as well as attempting to complete this picture, also draws attention to a largely ignored aspect of organization theory - the issue of when a transaction which is already internalized will be externalized. In examining the sale of subsidiaries by parent companies an attempt is made to draw the boundaries of Williamson's divisionalized form of organization. The necessary and sufficient conditions for sale to the management are developed in the theoretical discussion, followed in the second section by empirical evidence from a survey of management buy-outs.     

农业供应链中影响B2B电子商务发展的决定性因素

本文分析了农业供应链中影响电子商务发展的三个决定性因素：产业结构、产品复杂性、农产品交易的高接触性．并在此基础上分剐从产业结构、市场和产品专长、组织发展三个方面讨论了构建农业供应链电子商务解决方案的成功策略。     

集团企业间关联交易的风险及防范措施浅析

随着市场经济的快速发展和进步,我国的经济实力不断增强,很多以集团公司为主要发展和经营形式的公司制企业应运而生。为适应市场竞争环境,集团企业下设若干子公司配合集团企业的经营活动,集团间关联交易频繁。集团间关联交易可以提高企业的资源配置效率、降低交易成本,对企业的发展产生一定的积极影响。论文主要针对集团企业间交易的灵活性和可操作性以及交易定价、资金拆借、税务筹划等方面进行深入分析,并在分析的基础上阐述集团企业间关联交易风险的防范措施,使关联交易不仅能够满足企业长期发展战略的需要,又尽可能地避免关联交易所带来的不利影响。     

会计师事务所可持续发展策略研究

随着我国加入WTO和会计服务市场对外开放,我国会计师事务所面临发展机遇和严峻竞争并存的现实,如何在激烈的竞争中谋求自身的可持续发展,成为业内重要的研究课题。本文从执业环境治理、内部治理、组织形式选择、多元化经营战略、规模化战略、人才战略、品牌战略、关系营销战略、国际化战略等方面,对我国会计师事务的可持续发展策略进行了探讨。     

Testing the Markov property with high frequency data

This paper develops a framework to nonparametrically test whether discrete-valued irregularly spaced financial transactions data follow a Markov process. For that purpose, we consider a specific optional sampling in which a continuous-time Markov process is observed only when it crosses some discrete level. This framework is convenient for it accommodates the irregular spacing that characterizes transactions data. Under such an observation rule, the current price duration is independent of a previous price duration given the previous price realization. A simple nonparametric test then follows by examining whether this conditional independence property holds. Monte Carlo simulations suggest that the asymptotic test has huge size distortions, though a bootstrap-based variant entails reasonable size and power properties in finite samples. As for an empirical illustration, we investigate whether bid–ask spreads follow Markov processes using transactions data from the New York Stock Exchange. The motivation lies on the fact that asymmetric information models of market microstructures predict that the Markov property does not hold for the bid–ask spread. We robustly reject the Markov assumption for two out of the five stocks under scrutiny. Finally, it is reassuring that our results are consistent with two alternative measures of asymmetric information.     

从内部资本市场角度分析新兴市场企业集团多元化

活跃于高速发展的市场经济环境中的多元化企业集团,是现代新兴市场中的主导性企业组织,新形势下从内部资本市场角度对新兴市场企业集团多元化展开研究,具有十分重要的现实意义和战略意义。     

Confounding Market and Hierarchy in Venture Capital Governance: The Canadian Immigrant Investor Program

Governance structure is a central feature of organization. Hybrid forms of organization – typified by governance structures from more than one organizational model – have become prominent features of the organizational landscape. This study examined the governance structure of a hybrid organizational arrangement created when a government programme was developed utilizing selected aspects of venture capitalist models of governance. Central findings include: designing appropriate governance structure is a key activity for new organizations; combining market and hierarchical forms of governance produces a confounding mix of rationalities, which is potentially dangerous for long-term survival; ambiguous control systems allow participants to pay selective attention to particular elements of governance structure; existing models of venture capital governance understate important social dimensions of governance – particularly the role of trust; hybrid organizations potentially remove the element of trust necessary for effective transactions     

Profit sharing regulation and repeated bargaining with a shut-down option

We analyze the behavior of a firm where workers share profits with shareholders by using a model cast in an Aoki framework. There are two sorts of uncertainties: one relates to the market price, assumed to follow a random path in continuous time, while the other concerns internal organization, i.e. the share of profits to be distributed between workers and shareholders. In the institutional setting we adopt the firm is flexible, since it has the possibility of shutting down, by paying laid off workers a bonus, which represents a sunk cost. The distributive share is determined in the firm's internal labor market through a bargaining that takes place at two occasions: at the beginning of the firm's life and when profits reach a threshold level. The second bargaining is endogenized according to a procedure imposed upon shareholders and workers by a regulator who may use profit distribution as a way to intervene in the firm's internal labor market. Specificities make this market highly imperfect. Different share parameter patterns result, owing to a shut down option, according to whether (a) the regulator calls for renegotiation when profits are increasing or decreasing, (b) the regulator's rule is announced in advance or is discretionally set.     

不同组织结构内部资本市场运行机制比较

本文在吸收国内外学者关于内部资本市场组织载体、运行机制等研究成果的基础上，从组织结构视角研究内部资本市场运行机制问题，分析了M型、H型组织结构内部资本市场在企业总部融资方式、内部资金分配方式、内部信息传递渠道、激励约束机制和内部资本市场运作方式方面存在的共性，比较了内部资本市场参与主体的性质、企业总部的控制力强度、资金分配中介、“内部人控制”问题对内部资本市场运行的影响方面存在的差异。     

Asset sales and takeover threats

This research addresses the question of whether the existence of a recent takeover threat affects the market reaction to a subsequent sale of assets. The effect of a prior takeover threat on the stock price reaction to an asset sale is examined from the perspective of both the buying firm and the selling firm. The total gains to the transaction are estimated as a market weighted average of the abnormal returns to the two firms. The results show that when there has not been a recent takeover threat on the selling firm, abnormal returns are significantly positive for the seller, the buyer and in total. However, if the selling firm has faced a takeover threat within the previous year, the abnormal returns upon announcement of an asset sale are insignificant for the seller, negative for the buyer, and negative for a portfolio of the two. Hence, the market has a lower estimate of the overall gains in transactions that follow takeover threats on the selling firm; in fact, these transactions result in a net wealth reduction.     

企业内部市场创新:基于邯钢、海尔、江动的案例研究

企业内部市场创新是内部市场的构建过程,其实质是对各组织要素的调整和重新安排。本文通过提出和界定内部市场结构,分析了一体化、相关多元化等企业战略和决策权、内部价格信息、绩效考核标准、激励机制等组织要素对企业内部市场结构的影响,发现组织要素适应企业战略,进而实现内部市场结构的应然与实然相统一是内部市场创新应该遵循的原则,并运用这一发现分析和阐释了邯钢、海尔和江动三家企业内部市场创新的具体做法。     

客户资源控制权与审计师轮换的治理效应

审计师轮换是构建注册会计师审计秩序化格局以防范会计欺诈的重要监管手段。我国资本市场以行政权力和关系网络为主导的治理模式影响了会计师事务所的产权结构安排和资源配置模式,出现了客户资源控制权个人化的现象,致使我国监管政策的微观运行基础与欧美国家存在重大差异,同时也阻碍了会计师事务所的内部治理,从而说明我国审计市场存在审计师轮换的客观需求基础。为此,将审计师的私人人力资本转化为会计师事务所的组织资本是提高审计师轮换质量效应的重要路径。     

The Competitiveness of Networked Production: The Role of Trust and Asset Specificity

The paper offers a synthesis of sociological and transactions cost economics perspectives on production networks. Sociological explanations of network effectiveness (competitiveness) stress the importance of trust, and transactions costs emphasizes asset specificity. The approach here is comparative, the capabilities of networks are assessed against those of the vertically integrated, managerially co-ordinated hierarchy. The argument is that the competitiveness of each form derives from different organizational capabilities. Neither is inherently superior – by supporting different strategies, networks and hierarchies can co-exist. A distinction is drawn between those networks that rely on communal support and trust and those networks whose dynamism relies on individualistic and autonomous entrepreneurship. The absence of trust (or the surfeit of entrepreneurial zeal) leaves firms reliant on generic assets. Trust creates the conditions under which communities of firms can develop industry-specific assets capable of delivering real services to network firms that are unavailable through market channels. The competitiveness of a production network is a function of the value adding activities undertaken by agents and the collective responses made to external threats or disturbances. The argument is illustrated with reference to the organization of watch (timepieces) production in Hong Kong     

产权配置、地方政府干预与上市公司资产剥离——基于同属管辖交易视角的研究

本文以2004-2005年沪深A股上市公司资产剥离事件为研究对象,基于同属管辖交易的视角,研究地方政府如何借助产权的配置(不同的产权属性与层级),影响上市公司资产剥离的交易行为以及这种交易行为的财富效应。研究发现,财政分权导致的地方政府干预是形成上市公司资产剥离同属管辖交易行为的一个主要因素,不同产权下资产剥离的同属管辖交易行为呈现显著差异,相对于中央政府控制和非政府控制的上市公司而言,地方政府控制的上市公司更倾向于进行资产剥离同属管辖交易;市场给予上市公司资产剥离的整体反应是消极的,且同属交易与非同属交易公司在资产剥离交易宣告期间的财富效应不存在显著差异。     

国有商业银行战略转型：理论框架与路径选择

国有商业银行面临的国内外经营环境和金融生态环境已发生深刻的变化,国有商业银行迫切需要重新审视自身的经营战略,进行再次定位,战略转型势在必行。国有商业银行应立足国内外经济金融形势,结合商业银行发展格局,明确差异化的市场定位和客户定位,重筑组织架构,进行结构调整,加速国际化进程,推进银行业务和盈利渠道的多元化,最终实现从本土的、单一的融资中介向国际化、全能型的国民财富管理银行转变。